ACTS OF 1998
1 This Act may be cited as the Teachers' Pension Act. 1998, c. 26, s. 1.
5 The terms of the Pension Plan and the governance arrangements for the Pension Plan shall be set out in the regulations and in such other documents as may be created or adopted pursuant to this Act or the regulations. 1998, c. 26, s. 5.
(3) Notwithstanding subsection(2) but subject to subsection 10 (2), the Minister and the Union may enter into an agreement whereby the Minister may appoint another person as the Trustee and the Minister shall transfer the responsibilities of Trustee to such person and the Minister is no longer the Trustee. 1998, c. 26, s. 6.
(2) All pension payments, refunds, transfers, investment management expenses and other expenses of administration of the Pension Plan of any kind including, but not limited to, the cost of actuarial valuations and audits required to be done under this Act, and other amounts payable pursuant to this Act and the regulations, shall be a charge upon and payable out of the Fund. 1998, c. 26, s. 7.
8 Subject to subsections 6(2) and (3) and subsections 11(1) and (2), the Minister and the Union may enter into an agreement establishing the roles and responsibilities of the Minister and the Union with respect to the governance and administration of the Pension Plan and such agreements are binding on the Minister and the Union for the duration specified in the agreements. 1998, c. 26, s. 8.
10 (1) Where at any time before the appointment of a Trustee pursuant to subsection 6(3) the Fund is insufficient to make all payments required to be made by this Act, the Minister shall pay into the Fund an amount out of the Consolidated Fund of the Province sufficient to enable such payments to be made.
(2) Notwithstanding subsection (1), the Minister and the Union may enter into an agreement whereby the Minister and the Union appoint another person as Pension Plan administrator and the Minister thereby ceases to be the Pension Plan administrator and has no legal responsibility for the administration of the Pension Plan.
(3) The Pension Plan shall be administered in accordance with the Income Tax Act (Canada) and, where there is conflict between this Act and the Income Tax Act (Canada), that Act prevails. 1998, c. 26, s. 11.
(2) Where a change is made in the trusteeship of the Fund pursuant to subsection 6(3) and in the administration of the Pension Plan pursuant to subsection 11(2) such that the Auditor General Act no longer applies, the Trustee shall annually appoint an auditor who shall audit the accounts of the Fund and report to the Trustee. 1998, c. 26, s. 12.
13 (1) The Pension Plan and the Fund shall be examined annually by an actuary who shall prepare and deliver an actuarial valuation report to the Minister and the Union and make such recommendations to the Minister and the Union as the actuary considers advisable for the proper administration of the Pension Plan.
(b) increase the current cost of the benefits under the Pension Plan to a level greater than the total current contributions being made, unless specific provision is otherwise made to fund those benefits; or
(3) The Minister and the Union may enter into an agreement to amend the schedule of special payments payable to the Fund by the Province contained in the regulations, but no such agreement is effective until approved by the Governor in Council.
(c) the Chair, who shall be appointed jointly by the Minister and the Union, except that the Chair shall not be a member, a pensioner or a person with any financial interest in benefits under the Pension Plan, or an employee of the Province or the Union, and shall not have served in a consultative role to the Province or the Union within the twelve months preceding the appointment.
16 (1) The Appeals Committee shall hear and decide upon appeals made by Pension Plan members, pensioners or any other persons claiming a benefit under the Pension Plan of decisions of the Pension Plan administrator involving the application or interpretation of the Pension Plan provisions.
(4) Decisions of the Appeals Committee are binding on the Pension Plan administrator and the appellant, subject to the requirement to maintain continuous registration of the Pension Plan under the terms of the Income Tax Act (Canada). 1998, c. 26, s. 16.
17 The Minister shall pay from the Consolidated Fund of the Province the pensions of teachers who retired and were granted pensions under the Nova Scotia Teachers' Pension Act, 1928, and the pensions of widows and children of such teachers payable under the Nova Scotia Teachers' Pension Act, 1928. 1998, c. 26, s. 17.
18 (1) Notwithstanding anything contained in this Act or the regulations, the Governor in Council may make regulations respecting an early retirement program for members of the Pension Plan if the funding for such a program is in addition to any contributions otherwise required to be made under this Act or the regulations.
19 For greater certainty, the regulations of the Governor in Council, referred to as the Nova Scotia Teachers' Early Retirement Program (1994-1998) Regulations, continue in effect and all of the rights, obligations and duties created by those regulations continue unchanged. 1998, c. 26, s. 19.
20B Subject to Section 20D, where an employee retires or has retired pursuant to the terms of the Pension Plan and the pension calculated under the terms of the Pension Plan without reference to the maximum pension rules of the Income Tax Act (Canada) is greater than the maximum retirement benefit prescribed by the Income Tax Act (Canada), the employee is entitled to a supplementary pension equal to the difference between the two, on the same terms and conditions as the pension payable pursuant to the rules of the Pension Plan and the Income Tax Act (Canada). 2004, c. 3, s. 47.
20D Notwithstanding anything contained in this Act or the Pension Plan, the contributions to the Pension Plan made by the employer in respect of an employee to whom Section 20B applies shall be made only on those salaries up to a level equal to the salaries upon which the maximum pension payable pursuant to the Income Tax Act (Canada) is calculated. 2004, c. 3, s. 47.